At 12:30 IST, the barometer index, the S&P BSE Sensex, rallied 889.61 points or 1.51% to 78,041.40. The Nifty 50 index added 284.40 points or 1.22% to 23,630.80.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.88% and the S&P BSE Small-Cap index rallied 0.79%.
The market breadth was strong. On the BSE, 2,339 shares rose and 1,391 shares fell. A total of 156 shares were unchanged.
Economy:
The HSBC Flash India Composite Output Index stood at 59.5 in November as compared with 59.1 recorded in October, indicating a sharp rate of expansion that was the strongest in three months and above its long-run average.
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The HSBC flash India services PMI business activity index stood 59.2 in November as against 58.5 in October 2024.
The HSBC India Manufacturing PMI data stood at 57.3 in November, down marginally from 57.5 in October.
The HSBC Flash India Manufacturing PMI Output Index fell to 60.2 in November as against 60.4 in October 2024
Pranjul Bhandari, Chief India Economist at HSBC, said: Indias flash composite PMI moderately expanded from a final reading of 59.1 in October to 59.5 this month. Services saw a pick-up in growth, while the manufacturing sector managed to outperform expectations despite a marginal slowdown from its October final PMI reading. Strong end-demand and improving business conditions pushed services sector employment to the highest level ever recorded by this indicator since December 2005. Meanwhile, price pressures are rising for raw materials used by manufacturers, as well as food and wage costs in the services sector.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.95% to 15.51. The Nifty 28 November 2024 futures were trading at 23,660, at a premium of 29.2 points as compared with the spot at 23,630.80.
The Nifty option chain for the 28 November 2024 expiry showed maximum Call OI of 63 lakh contracts at the 24,000 strike price. Maximum Put OI of 77.6 lakh contracts were seen at 23,500 strike price.
Buzzing Index:
The Nifty Oil & Gas index added 1.26% to 10,578.20. The index slipped 7.66% in the past nine consecutive trading sessions.
Castrol India (up 5.34%), Mahanagar Gas (up 3.16%), Oil India (up 2.67%), Adani Total Gas (up 2.53%) and GAIL (India) (up 1.48%), Gujarat Gas (up 1.43%), Reliance Industries (up 1.15%), Oil & Natural Gas Corpn (up 1.03%), Indraprastha Gas (up 1.03%) and Gujarat State Petronet (up 0.83%) added.
Stocks in Spotlight :
Ceenik Exports (India) hit an upper circuit of 5% after the company reported standalone net profit of Rs 4.28 crore in Q2 FY25, steeply higher than Rs 0.13 crore posted in Q2 F24. Total income from operations was at Rs 6.48 crore in the second quarter of FY25, zoomed 867.16% year on year.
Innovators Facade Systems gained 6.41% after the company received the work order for the Prestige Trade Centre project from Prestige Mulund Realty worth Rs 110 crore.
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